Four major areas of government expenditure in the United States include:
a. national defense, Social Security, healthcare, and interest payments.
b. national defense, Social Security, healthcare, and environmental protection.
c. national defense, Social Security, international affairs, and interest payments.
d. national defense, Social Security, international affairs, and environmental protection.
a. national defense, Social Security, healthcare, and interest payments.
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You have a $500 saving bond. The nominal interest rate is 10 percent, and the inflation rate is 4 percent. After a year, in real terms you have earned
A) $70. B) $40. C) $50. D) $510. E) $30.
If firms in an oligopolistic industry consistently cut their price to sell more output, what price and output will result?
A) the monopoly price and output B) the competitive price and output C) the monopolistically competitive price and output D) a price lower than the competitive price and less output than the competitive amount E) a price lower than the competitive price and more output than the competitive amount
We observe that the equilibrium price of digital cameras has fallen and the equilibrium quantity of digital cameras has increased. Which of the following events could be responsible for this?
A) Technological advances in digital camera production. B) Consumers' preferences changed in favor of digital cameras. C) The price of film cameras rose. D) Workers who make digital cameras received a pay raise.
The poverty line in the United States
A. last changed in 1980. B. never changes. C. changes with the level of inflation and family size. D. changes with the minimum wage.